New cryptocurrency laws are expected to be introduced for official consideration to the Russia's national legislature on Dec. 28, according to a senior government official. Russian media sources RIA and TASS cited comments from lawmaker Anatoly Aksakov, who chairs the State Duma's financial markets committee, that the new rules – which will reportedly formalize rules around the creation and exchange of cryptocurrencies like bitcoin – are likely to be cleared by early next year. "I expect that the adoption of the draft law on [cryptocurrencies] will be in March... The problem is that we already have a lot of people who acquire [cryptocurrencies] and they are deceived, we need to give people the opportunity to work legally with it, to protect them as much as possible," Aksakov was quoted as saying by RIA. The comments all but confirm that Russia won't finalize the bill by the end of the year, as Aksakov had previously suggested. In September, the senior lawmaker said he believed the work could be wrapped up before winter. The measure has faced a series of delays due, in part, to conflicting visions over the scope of the proposed laws. The expected move to submit the bill also comes months after Russian President Vladimir Putin ordered new regulations to be developed around cryptocurrencies and blockchain, including rules specifically aimed at initial coin offerings (ICOs). As quoted by TASS, Aksakov cited Putin's directives when speaking about the work that is expected to play out over the coming weeks and months. "We have a deadline designated by the president, and after a week there will be a presentation of the bill that will start to be debated," he told reporters. https://www.coindesk.com/official-russia-to-introduce-cryptocurrency-regulation-bill-next-week/This is a plus for it to get to this level of government attention and that demands it being discussed by the legislative arms means bitcoin and other crypto currency has come to stay. And coming from a country like Russia, a lot of smaller countries who thought that banning bitcoin and crypto currencies is the best way for them to go, would probably be feeling ashamed of themselves when big countries are already discussing about regulation thereby taking any form of ban away from the table. I would really be interested in having a glimpse of the draft laws so as to get prepared for it because if the law should go through, moving on to implementation, I see a lot of countries start taking a clue from what Mother Russia is doing and sooner or later, it will surely get to our turn. Hopefully, it wont be a killing regulation. |
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Hi all, I live in Israel - a country with relatively high regulation and tax rates. A recent article shows how bitcoin transfers may soon reach taxation rates of up to 47%! I’m wondering how that compares to other countries? https://www.themarker.com/opinion/1.4727995Are there any countries with higher rates? 47% is extremely on the high side. If you try that over here, you must build a lot of prisons because a lot of people would prefer to evade tax knowing the consequences than to willingly pay such huge chuck of their profit as tax. One of the canon of taxation as propounded by Adam Smith who wrote Wealth for All Nations published in 1977 is convenience and ease which a lot of country base their tax policy on. 47% is a whole lot that negates all of the 9 canons of taxation as added by other scholars over the years. And they are not even talking about the sale of bitcoin but the transfer which means that moving my bitcoin from one wallet to another, I would pay tax despite the fact that I am not receiving any inflow of cash as a result of that. |
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I cannot but be glad with whatever correction that is happening now because even if anyone should get worried, there is nothing you can do about stopping the slope of price. Just be glad in it and enjoy the flow of things. But surprisingly is how people are, just last week or thereabout when the price was increasing, you wake up and realize that price has appreciated by minimum of $500, no questions asked, proclaiming the kingship of bitcoin over all other coins.
But now, its about the end, jumping the ship, looking for alternative, someone even suggested LTC, and a whole lot of others. Guys when price picks up again, dont be the fool who played to the gallery and then blame everyone else except himself for the choices he made.
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Today Samsung SDS announced that a consortium led by the company had successfully concluded a monthslong test on blockchain-powered storage in marine transport, with the expectation that the technology will take the shipping industry to a new level. It is stated that blockchain technology will allow importers and exporters to make transactions of documents, such as a bill of landing and letter of credit, without forgery and tampering threats. Source: https://hype.codes/samsung-sds-improves-shipping-blockchainAnd this is a news that have just made my week away from the series of news concerning how bitcoin price is dropping or how bitcoin is being declared dead and the transaction fee madness that have filtered the forum in this past few days. Its high time we start seeing bitcoin beyond just a currency especially the blockchain that it goes beyond transferring from one address to another but a technology that has come to change the way things are done for decades or centuries. But because we are all greedy about how much money to make and how high could go so everyone can own a Ferrari, we ignore the beauty of this technology while the conglomerates will continue to harness it to their benefit. |
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Not sure what these Exchanges are doing if they can't install and maintain proper securities on their own systems. Its like the big banks allowing anyone into their system without applying as much redundant security systems that they do. I guess some of these Exchange's don't take crypto currencies serious enough.
Until the time exchange sites are made to be responsible for their actions the noise of hacks won't stop any time soon. Exchange site coming out to file for bankruptcy is what I see as an easy way out while the people who trust them with their funds languish in more pain as nobody is made to pay for their inefficiencies. No software is unhackable just like the poster above said but over the last ten years, I have not read about a bank security system get compromised because as hackers are getting smarter they also are improving their security apparatus to meet current needs because someone will hold them accountable. And that is what is needed in the crypto industry. |
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https://youtu.be/xS-eWwwmcooIt's just unbelievable what's coming out of the mouths of these people. Terrorism, money laundering? Banks have had a monopoly of those for a long time, now a more transparent technology came out, they'd start accusing it of those crimes? Considering that these bankers has also talked about removing the insurance in bank savings accounts, it just strikes me as revolting for them to say all these. If people felt secured with their money these banks are holding and then loaning away with massive interests, then maybe people wouldn't feel the need to find other ways of keeping their money. Sigh, guys, they've finally taken notice and has become more serious now. The battle has begun You really don't expect that bitcoin would be given a smooth pass just like that without any form of resistance and even that they will come against it with all the things they have got? When all the terrorism and money laundering is being defeated, the next is the volatility just like the way the stock of a company was suspended because it was related to crypto and its stock price witnessed some massive increase in price as being read earlier in the day. The battle has always been there and its not going to go down while a lot of government agencies are trying so hard to discourage the it's adoption. Banks talking about removing insurance of customers deposit is just trying to run away from responsibility and not to be held liable for their errors I see no reason why they can't just allow bitcoin so we keep our private key ourselves with even the need for banks. |
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Today we have seen people use the most improvement in technological for both good and bad. Even cocaine is being used for medicinal purpose while its destroying some other people lives across the world. Another is the nuclear plant while its a potential for some countries, its a weapon of war in other countries. The same thing with bitcoin and even more importantly the blockchain technology which to me its the best technological advancement we have come to see if its harnessed to its fully potential.
To fight corruption would be a very good thing I just imagine how magnificent its going to be to see budget being implemented, taxes paid, payment to contractors, results process, public polls, elections, census, shipping lines, filing of returns, payment of taxes and everything is so public that can be traced I wonder how corruption will not be defeated to a large extent. For those who chose to use it for negative things, we hope to change their ways.
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i'm selling my Blockchain account and Corrupted Wallet
it has 250usd worth of Bitcoins I LOST MY PRIVATE KEYS so i can't use the funds
i'm selling it because i'm newbie and i couldn't fix my wallet and i don't have time for that so maybe some experimented guys over here can do that
i'm selling it for 80usd worth of bitcoins or Paypal ( friends and family)
let me know if interested..
Wjat even makes you think someone will want to buy it. Even a Legendary does not know how to break the private key as we have seen several threads that are even giving much more bounty to get someone to break the password but till tomorrow, I have not seen anyone successful at it. There is no way someone is going to make a bid at it but don't worry, you bitcoin has become one that has been lost forever and provision has been made for such according to readings and comments about Satoshi on bitcoin. Like the earlier poster said, its either you wait till the time of Quantum computer or move on because I am yet to see someone who break that and you can even claim anything ( the forked coins) without the private key. |
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So basically like a localbitcoins.com 2.0. It would work in a similar way, with some additional features but the main difference is that it would support not only bitcoin, but a few other cryptocurrencies as well, like 7-8 currencies, the most established ones.
Do you see a demand for such platform? Would you use it?
This is an interesting idea to run with because peer to peer sites are still few at the moment compared to exchange sites but what I would suggest as an addition to what others have given is to try and focus on some region for now and push such to a successful point before thinking of expanding. The areas to focus on should be regions where its difficult to trade bitcoin as I have seen some threads about people in some countries that are lost about exchanging their bitcoins for fiat and vice versa. Another to be concerned about is what to do better in combating scam and resolving conflicts as these two major issue will continue to crop up the moment you are dealing with people and when you do it better, you tend to spend less on advert as people who have used the services will be the one doing the advertisement. In the case of advertisement, try to ensure that it is directed at your specific audience in that region talked about above and you can then run with that. Wishing you all the best in making bitcoin penetration better. |
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The SEC has suspended trading in The Crypto Company, a startup whose stock has soared 17,000% since September. The US regulator is concerned about the accuracy of the information issued by the firm. The US Securities and Exchange Commission (SEC) has suspended stock trading in The Crypto Company (CRCW), a startup that has seen its share price jump 2,700% in December. According to the regulator’s announcement, the trading freeze will be valid until January 3, 2018. Based in California, the crypto-oriented company trades on the over-the-counter (OTC) market and has gained a staggering 17,000% since going public late in September 2017. The SEC based its decision on “concerns regarding the accuracy and adequacy of information in the marketplace about, among other things, the compensation paid for promotion of the company, and statements in Commission filings about the plans of the company's insiders to sell their shares of The Crypto Company's common stock.” The regulator said it was also worried about possible manipulative transactions in the stock last month. The SEC alerted shareholders, potential stock buyers, and broker-dealers to be careful when examining information issued by The Crypto Company. Despite the SEC’s clear position, the company refuses to accept the accusations and has reacted to the announcement, with CEO Mike Poutre telling Business Insider: “We are fully reporting and get halted. SEC is sending the wrong message. We are working with counsel and will handle things appropriately.” The Crypto Company started trading on September 27 at $3.30 per share. The price ballooned to $642 on December 11, which represents an astronomical return of 19,000%. At the time of the suspension, the stock was trading at $575. This is not the only crypto or blockchain-based startup to deliver an impressive return. On Monday, investors learned about LongFin Corp, which surged by about 2,500% on news that it was buying blockchain-based Ziddu.com. Longfin (LFIN) went public on December 13 at $5.15 per share, and saw its price surpass $126 on Monday. Longfin CEO Venkat Meenavalli told CNBC's Fast Money program that “this market cap is not justified. It’s insane.” At the beginning of October, we reported that biotech company Bioptix had changed its name to Riot Blockchain to benefit from the trend. It saw its share price increase by 20% within a few days. https://cryptovest.com/news/sec-halts-trading-in-crypto-startup-after-mammoth-surge/I read the news yesterday and it shows a further fact that the regulators are not ready to accommodate crypto currency or crypto related companies and they would continue to push for total ban of crypto and for those who just want regulations so they can be free to spend as much as they want, we might end up wanting to compromise on everything that bitcoin stands for. I cant imagine how a start up company could be suspended just because its related with crypto currency and does not want to go through the route of traditional conglomerates that would take centuries to achieve what this 'unknown' company has achieved. The crux of the matter is the dilemma start ups will face because they dont have the capital to raise fund from the capital market, and coming to the crypto market to raise fund, operate but wanting to do the right thing in the society, they are faced with this form of victimization whereas stock of companies that might be subject to manipulations are allowed to trade. |
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Today, Bitcoin is declared to be dead again as BitcoinCash is surging so high into the atmosphere as many people are expressing their complaints on Bitcoin's astronomical transaction fees and questionable speed. There is a movement right now in the market expressing a big dismay or disappointment on Bitcoin as this is not the Bitcoin that we are supposed to have. Bitcoin enthusiasts are recognizing this problem and hoping that soon the problem can be given adequate and acceptable solutions. Have you already said your goodbye to Bitcoin and hello to BitcoinCash? Do you think the Lightning Network does have the chance to save Bitcoin even temporarily? I really would want to know if there is another definition for the 'Dead' because the way its being used concerning bitcoin makes it seems like just any other word with another type of meaning than what we know. BCH has witnessed its surge before when bitcoin retreated in price before going an all time high and now its happening again, I dont know what the fuse is about considering the surge in BCH can be largely due to the crediting of BCH by Coinbase. Bitcoin is still very much alive as this is just a minor drop in price to have been enough to use the adjective 'Dead' in qualifying the current position. When the whole hype is over, we will then know which one is stronger than the other. |
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Christmas is aroung the corner. Everyone will be busy buying gifts and planning what they will do for christmas. will that cool the bitcoin craze?
I have a feeling that a lot of people who had put money in or waited to cash out but overruled by the increase in price will have to do so because of the amount of fiat needed to meet the festivities of this time you want to take a vacation, buy gifts, celebrate with friends and families, all these will require funds so I see a fall in the price as more people are wanting to convert into fiat. On the other hand, it also comes with opportunity to the liberals, Muslims, Jews etc who see no need to celebrate and Christmas would come and go but we will still be here looking for how to meet our life needs. They will see this as an opportunity to spread their wealth by acquiring more bitcoin at the low price. Putting this two forces together, the fall might not have much effect though. |
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France's finance minister is planning to push for a discussion on bitcoin regulation at a G-20 summit in 2018. How would this influence the development of Bitcoin?
Looking forward to hearing different opinions!
Regulation in itself is not bad but the extent of such regulation is what will cause conflict. Today virtually every exchange sites, wallet providers, have their KYCs in place with some even going as deep as going for a Visa interview that is also a form of regulation that a lot of people in the crypto community can still put up with and its powerfully in practice. The concern here is if there is no discussion about it yet and the above is already in place, when discussion starts at the point of G20, how far would such regulation go? The fear is that when the implementation of such discussion is rolled out, it might end up bringing to the end of bitcoin as we know it so, for those saying regulation is a welcome idea, lets also proceed with caution because it could negate the very objective of bitcoin which could then be interpreted to be hijacked and when that happens, the core developers providing support could be forced to abandon bitcoin and that is the beginning of the end. |
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I wont say that those pump and dump groups don't exist, and since crypto trading is so recent, and anyone can take part, we probably still see people getting scammed that way, but I think the effect of those groups are getting smaller and will soon disappear as the market liquidity increases. Big money investors don't need those groups, and they can move markets by themselves right now, and I think that a lot of the pump and dump we are seeing, is done by big whales. They move the market, create a hype around it, and then manage to slowly cash out as other join, because they thing a pumping is happening. All these things will decrease as soon as we have decent market makers in the exchanges, and it would be impossible for big whales, and pump groups to move the market.
Pump and Dump group really exist but the way its being run makes it shady and the group admin is always at the one that benefit the most and the strategy is simple. Its a game of population, when you have all of them into a group, they mostly use telegram where some tips are released to get people stuck to them but really its not a tip but something with adequate study, a newbie can easily predict. After that, all the group admin need to do is to identify the a not so popular coin in an exchange site, buy as much as possible, then start wetting the appetite of your followers of the time it would be tip would be released and when that is done, the rat race begin, while the members are trying to buy forcing the price high, the admin is trying to sell while only few members benefit due to the right timing to dump, others becomes poorer. And the uniqueness about this group is that, only the admin is allowed to post, only him knows group members, only him gives reviews by members, only him determines those who making profit or losses and finally only him can decide when to shut down the group. |
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This will make it possible to invest crypto in those who are engaged in trading and in the topic of crypto, in particular, for a long time.
It will be at the same time control over your crypto and oportunity to earn from just the fact that you own it.
Investment funds, I would want to see how this would work out because a default me is already thinking of what will likely be the outcome of this because investment fund in this crypto world is something that would definitely be hard to prove. With series of questions to be asked before you even start gathering the fund that revolves around 1. If you are pulling funds together, for what purpose would they be used for? 2. What returns will you be promising the people who will be entrusting their resources with you? 3. What guarantee will you be giving that their fund is safe and you wont wake up one day and the whole website and even your account on the forum is no where to be found? 4. What will be the legal backing that you have to run such investment fund? If you can answer those questions convincingly, I might give it a try but would rather put my fund somewhere I can easily reach and confirm its existence rather than in the care of someone I wont likely meet in a lifetime. |
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From many months i am thinking about what if " we remove fiat system , and change things into crypto " .. What are the main difficulties we will face ?
1. Internet every where is not yet done.
2. Awareness with Crypto ( but its not a big thing, as most are aware of how to use currency. )
3. Bitcoin is only 21,000,000 and world population is more. ( This can fix by other altcoins same like USD/RUB/CNY etc )
What other difficulties we can face ?
The first 2 problems are the ones I see that would create a big problem for the complete transition to the digital world because in the case of number one, even if there is internet everywhere, there are still some people who will not use it no matter the explanation due to either cultural inclinations or religious connotations. Today in some parts of the world, some people don't still wear cloths or shoes despite the amount of years civilization have occurred. Going to number 2, the awareness will be something that will take forever to be done because it will mean the complete reorientation of people about the financial system right from the time that children know that there is money not living behind the senior citizens whose way of life has been about the normal way we have been doing things. The irony of the matter is that, this set of people cannot be left behind because some of them are our grandparents, parents, kinsmen, etc whose population is significant in age distribution census of the country. |
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Is it legal for USA residents to use exchanges that are outside USA? Like cryptopia? I know we can use coinbase and Bittrex.. any legal advice here ?
If the site does not exclusively bar you from using their site, then you are free to use and their Terms and Conditions should be looked into at every point in time to be sure that you have not been disenfranchised overnight because that is one thing that exchange sites are fond of doing they will by virtue of some conditions decides to just lock you out without any notification. If you ask me, I would suggest you even settle for the ones that expressly allows US citizens because it shows that you are doing the right thing from the beginning and the legal parameters would have been taken care of by such site. When issues arose, you are not faced with evasion rather it would be avoidance compared to when you use sites that does not have the express legal backing to accommodate the citizens of the United States. |
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He went on to detail additional restrictive measures by the bank, stating:
We [will] also prevent arbitrage opportunities, unhealthy business practices and business controls by parties outside the legal reach of Indonesia’s laws that could damage the structure of industries here.
detail here https://www.cryptocoinsnews.com/indonesia-planning-ban-bitcoin-2018-report/what do you think about this ? i think my country not ready to growing with this blockchain era. From the article I read there, the central bank Governor and the task force Chief have only establish one thing that they have lost the battle to free will of the people and for them to still be relevant they need to result to blackmail which is about encouraging people to invest in legal ventures in other to develop the economy of Indonesia and if that did not work, go for the total ban by forcing them out of the market by blocking every route that could give them the access. In all, I see them enforcing the rule to send a message to the entire crypto market there to establish how serious they are but at the end, let's see how they want to ensure that because after they must have blocked all the known loopholes they think, other opportunities will begin to surface. |
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I was looking at some charts and I just saw this one: https://pbs.twimg.com/media/DQvftdRUMAEOxfJ.jpgI mean look at the year... around 2008-2009 Bitcoin was released... suddenly money printing goes full retard creating that massive spike. Why is the media pointing at Bitcoin as a bubble while never talking about that? really makes you think. In my book, Bitcoin is just a counter reaction of that, which is one of the reasons to hold BTC even after such an increase in price. I mean BTC all time chart my look like a bubble, but in the same timeframe, FED printed 2000 billion dollars. BTC is worth 315 billion at the moment. Not taking into account all the trillions out there that could come in.. I mean there's too much money out there, a lot of it sitting on dumb shit which could be sitting on BTC. It's really hard to assess when BTC is or isn't at the top of a bubble with these fundamentals. I would have to deviate that it was because of the emergence of bitcoin that led to the massive printing of bitcoin because at the time, no one knew bitcoin would be what it is today for government to now make such decision because of it. Again, at the time there was a global recession where governments of the world had to come out to bail out the economy especially banks the money must come from somewhere after all and that is one of the reason that led to the emergence of bitcoin itself. I agree that saying that bitcoin is a bubble and fiat is not, is just a myopic view just that I have maintained is that without the support of government and its agencies in charge of money supply and the management of the economy, the bubble would have shifted somewhere else other than bitcoin. |
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Currently, I would say bitcoin does still not pose any threat to the economy of any country. Using my country for example, the total market capitalisation value of bitcoin ( which is the dominant in the entire digital currency value) is $323,071,829,482.00 as at today and according to report, the total value of cheque transactions as at the first quarter when converted gives $4,754,098,360.66 not considering the ATMs transactions, online transactions, over the counter transactions, transfer abroad, POS movement etc and that is for just one country alone for one quarter of the year. This shows that when the bitcoin capitalization that have taken into consideration the entire bitcoin mined to date even with the value at $18000 on the average, when we break it down to country basis, it will have little or no effect at all to distort any economic indices.
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